The retirement insurance benefit rate is equal to the primary
insurance amount, which is the basis for all benefits. In some cases,
a special minimum benefit is provided for some individuals as explained
in §717.
These amounts may be increased by a cost-of-living benefit increase.

(See Chapter 7 for the methods of determining your primary insurance amount and
for the effect of delayed retirement credits.)

302.2Can you receive a reduced benefit before you reach retirement
age?

If you wait until retirement age, you will receive the full
retirement insurance benefit rate. However, if you are a worker age
62 to retirement age and otherwise eligible for retirement insurance
benefits, you can choose to receive a reduced benefit. If you choose
to receive and do receive benefits for one or more months before
retirement age:

The benefit rate ordinarily received at retirement
age is reduced by a certain percentage for each month you were under
retirement age when the benefit began, as explained in §§723-724; and

A reduced benefit rate will continue to be paid after
you reach retirement age.